GMS 200 Chapter Notes -Limited Liability Partnership, Intrapreneurship, General Partnership

• School: Ryerson University
• Department: Global Management Studies
• Course: GMS 200
• Professor: Bamidele Adekunle

Document Summary

Entrepreneurship - strategic thinking and risk-taking behaviour that results in the creation of new opportunities for individuals and/or organizations. Entrepreneurs - risk-taking individuals who take actions to pursue opportunities and situations others may fail to recognize or may view as problems or threats. Entrepreneurship can be a function of self-efficacy; self-efficacy = competence; locus of control: contingence; personal agency belief [entrepreneurship is a multiplicative function (self-efficacy * locus of control)]. Have tried more than one business venture. Become entrepreneurs between 22 and 45 years of age. Have strong interests in creative production and enterprise control. Money is the key to entrepreneurial success. You have to be young to be an entrepreneur. You must have a degree in business to be an entrepreneur. 50% of the private labour force works in small businesses. Are established by: starting a new business, buying an existing business, buying and running a franchise. Questions that keep a new venture focused on its customers: